EV Tax Credit Spared by Congress
Congressional negotiators will spare a $7,500 federal tax credit that has supported sales of plug-in electric vehicles, which was put in place in 2008 and 2009 for plug-in and converted plug-in electric vehicles, reports Bloomberg.
The electric-vehicle tax credit and wind production tax credit was retained as part of a compromise package, according to a Republican familiar with the process. If federal legislators had nixed the tax credit, it may have been eliminated as part of a $1.5 trillion House tax bill.
The availability of the credit has been capped at the first 200,000 qualifying vehicles sold by each manufacturer, reports Bloomberg. However, no automaker has reached the cap.
No bill has been brought to a vote yet, but may happen within the next few weeks, reports Electrek.